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New Jersey Statutes, Title: 17B, INSURANCE
Chapter 28a: Insurance against risk of loss in value of redeemable securities issued by investment company
Section: 17B:28a-2: Limitation on benefit and protection
Except with the approval of the commissioner and under such conditions as he may prescribe, the benefit provided by such insurance may not exceed the difference between the amount paid for such redeemable securities and the value of such redeemable securities at or after the end of a specified or determinable period of not less than 5 years from the date of the issuance of the policy or the certificate under a group policy, or at the date of death of the insured, if earlier. The protection provided by investment return assurance shall not extend beyond the coverage of shares of an investment company which are acquired or held during such time as the insurer, or a subsidiary or affiliate of the insurer, shall be the investment manager or investment adviser of such investment company; such a policy or certificate under a group policy shall not be extended or renewed beyond the end of the specified or determinable period if the insurer, or a subsidiary or affiliate of the insurer, ceases to be the investment manager or investment adviser.
L.1977, c. 374, s. 2, eff. Feb. 8, 1978.
This section added to the Rutgers Database: 2013-06-10 16:36:30.
Older versions of 17b:28a-2 (if available):
Court decisions that cite this statute:
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